CHINA HRC: Planned rate cut boosts prices

China’s hot-rolled coil prices strengthened on Monday September 9, with sentiment lifted by the central bank’s announcement of a rate cut last Friday.

Domestic Eastern China (Shanghai): 3,690-3,710 yuan ($518-521) per tonne, up 40 yuan per tonne Northern China (Tangshan): 3,620-3,630 yuan per tonne, up 20 yuan per tonne Spot prices gained amid surging futures, which responded to the People’s Bank of China’s announcement last Friday that it would cut the reserve requirement ratio (RRR) - the amount of cash that banks must hold as reserves - by 50 basis points. Such a measure would benefit...

Published

Miranda Song

September 09, 2019

11:10 GMT

Shanghai